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New Amsterdam Invest N.V. results first six months 2023

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AMSTERDAM, Sept. 13, 2023 /PRNewswire/ — New Amsterdam Invest N.V. (the “Company”, or “New Amsterdam Invest”, or “NAI”), a commercial real estate company listed on Euronext Amsterdam, announces its non-audited results for the first six months ended 30 June 2023, today[1].

Highlights 2023 Half Year[2]

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  • Approval of business combination with Somerset Park B.V. and start of operations as an operating company in the commercial real estate sector
  • Net Rental Income first half of 2023, effectively from 2 to 30 June 2023: €0.5 million (2022HY: €0.0)
  • Result from real estate operations 2 to 30 June 2023: €0.1 million
  • Net result first half of 2023: -€2.6 million mainly driven by one-off valuation differences (non-cash) and expenses to realize the business combination (2022HY: -€1.2 million)
  • Earnings per share first half of 2023: -€0.50 (2022HY: -€0.24)
  • Net increase in Cash position in first half of 2023: €5.8 million (2022HY: €0.1 million)
  • Total Assets per 30 June 2023 €76.5 million (2022YE: 48.9 million)
  • Solvency per 30 June 2023: 60.3% (2022YE: 99.5%)

Aren van Dam, CEO of New Amsterdam Invest commented: “It is with proud and confidence that we look back at the first six months of 2023 where we have laid a sound foundation for our Company and its business going forward. It was not easy to establish a business combination for commercial real estate in the past period. Nevertheless, we succeeded to start with an outstanding portfolio in the UK and US, expanding further already in the second month after the business combination clearly showing the strength of our proposition.

That being said, 2023 is a transitional year for New Amsterdam Invest. As a result of different regulatory requirement around the transition from SPAC to operational company we have to take significant non-cash one-off costs making 2023 overall loss-making. Going forward we expect to be profitable and well on track in 2024 to realize the financial objectives we have set out at listing.”

Summary results for the first six months of 2023

The greater part of the first half of 2023 was devoted to management efforts to realize a business combination for the special purpose acquisition company (SPAC) New Amsterdam Invest. It turned out not to be easy to identify one or more operating companies in the real estate industry, which would meet most of the Company’s financial and quantitative parameters. On that basis, the Company decided to look for multiple operating companies that could be grouped together in a business combination meeting the required parameters and factors.

On 2 June 2023, the Company shareholders’ approved the incorporation of Somerset Park B.V. (“Somerset Park”) as a wholly-owned subsidiary of the Company with the intention to maintain a group of commercial investments under Somerset Park. Subsequently, the status of the Company as a SPAC ended (“de-SPAC”). Somerset Park, along with management and operating companies in relevant jurisdictions, form a group of international companies in the commercial real estate industry.

As a result, the Company operated for most of the first half year as a SPAC and only for the last four weeks in HY 2023 as an international operating company for commercial real estate. This implies that the results for the first half year are not characteristic for the Company’s regular operational results going forward. Showing a net income of €0.1 million the real estate operations over this period where profitable.

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Build up result from real estate operations to result according to interim financial report [3]

(* €1,000)

2023HY

Rental income

544

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Direct related costs

(108)

Net Rental income

436

Operating expenses

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(308)

Result from real estate operations (2 – 30 June)

128

SPAC operational costs

(310)

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De-SPAC one-off costs

(2,849)

Operating result

(2,990)

Financial income

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402

Result before tax

(2,588)

Taxation

(9)

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Result for the period

(2,597)

The reported result for the first half year 2023 amounts to €2.6 million loss.

This result is mainly attributable to a number of mainly non-cash one-offs to realize the transition from SPAC to a group of operating companies in commercial real estate like €0.5 million on the required documentation (Circular) as well as a required revaluation under IFRS of investment property of €2.3 million. A positive contributor was €0.5 million in interest received on the Escrow account. The running costs prior to the Business Combination came at €0.3 million.

The results from group companies have been included and consolidated within The Company’s Accounts results for periods from 2 June 2023 to 30 June 2023.

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Number of shares issued per 30 June 2023

In addition, the Company has issued a total of 4,910,250 Warrants (IPO and BC) that will automatically and mandatorily convert when the closing price of the Ordinary Shares on Euronext Amsterdam reaches the Share Price Hurdle being €11,50 per share, without any further action being required from the Warrant Holder. The Share Price Hurdle will be met when the share closing price for available shares on Euronext is at the target price for at least 15 out of 30 consecutive trading days. If the hurdle is reached the Warrants will be converted into Ordinary Shares corresponding with the Warrant Conversion Ratio of 0.15, or 6.67 Warrants per Ordinary Share.

Outlook

As a result of different regulatory requirement in connection with the transition from SPAC to operational company, one-off costs where required as a result of which 2023 overall is expected to be loss-making. Going forward we expect to be profitable and well on track in 2024 to realize the financial objectives we have set out at listing. More specific we expect to realize a 2024 net rental income of approximately €6.6 million and a result before tax of
€2.6 million[4]

Relevant events after 30 June 2023

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As announced on 19 July, the Company purchased Forthstone, a unique commercial property located in Edinburgh, with a long-term lease agreement with its tenant. With this purchase, the Company will add a sixth property to its portfolio and in line with the Company’s business objectives and strategy for growth.

The owner of the property will be a newly incorporated operating company; Forthstone Land and Property Ltd, a 100% indirect subsidiary of New Amsterdam Invest N.V. The total consideration for Forthstone, including transaction costs, amounts to GBP 9.5 million and has been financed with a combination of equity (available in cash) and debt (LTV loan). The interest rate on the loan will be approximately 7%, or approximately GBP 308k per annum. The purchase is expected to complete by 29 September 2023.

Financial Calendar

  • 13 September 2023, publication Half Year Results
  • 8 April 2024 DV, Annual Report 2023
  • 31 May 2024 DV, General Meeting of Shareholders

Financial statements New Amsterdam Invest first six months of 2023

For an overview of the interim financial statements of New Amsterdam Invest for the first six months of 2023 we refer to the attached Half Year Report 2023.

About New Amsterdam Invest

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New Amsterdam Invest N.V. is a commercial real estate company listed at Euronext Amsterdam with operating companies in the United States and the United Kingdom.

The main objective of New Amsterdam Invest is running commercial activities including the owning, (re-)developing, acquiring, divesting, maintaining, letting out and/or otherwise operating commercial real estate, all in the broadest possible meaning.

The management board of New Amsterdam Invest N.V. consists of Aren van Dam (member and CEO), Moshe van Dam (member and COO), Elisha Evers (member and CSO) and Cor Verkade (member responsible for investor relations).

All information about New Amsterdam Invest, including its principles and objectives can be found in the Shareholder Circular dated April 21, 2023, and the prospectus dated June 21, 2021. This and all other relevant documentation can be found on the company website: www.newamsterdaminvest.com

Disclaimer

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Elements of this press release contain or may contain information about New Amsterdam Invest N.V. within the meaning of Article 7(1) to (4) of the EU Market Abuse Regulation.

This press release may include statements, including NAI’s financial and operational medium-term objectives that are, or may be deemed to be, ”forward-looking statements”. These forward-looking statements may be identified by the use of forward-looking terminology, including the terms ”believes”, ”estimates”, ”plans”, ”projects”, ”anticipates”, ”expects”, ”intends”, ”may”, ”will” or ”should” or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements reflect NAI’s current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to NAI’s business, results of operations, financial position, liquidity, prospects, growth or strategies. Forward-looking statements speak only as of the date they are made.


[1] This press release contains a summary of the 2023 Half Year results, for the full report see the attached Half year Report 2023

[2] Until 2 June 2023 the Company operated as a SPAC and only per that date acquired its operating companies. As a result, it is the first time the Company presents consolidated figures, and the current figures cover only a very limited period and no comparative figures on operational items can be included

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[3] The table provides a distinction between ‘real estate related’ items and ‘SPAC related items’ for insight of underlying operational performance. The statements in the attached Half Year Report 2023 provide integral IFRS statements without this distinction

[4] Excluding potential impact of revaluation of investment property

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Invitation to presentation of EQT AB’s Q1 Announcement 2024

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STOCKHOLM, April 5, 2024 /PRNewswire/ — EQT AB’s Q1 Announcement 2024 will be published on Thursday 18 April 2024 at approximately 07:30 CEST. EQT will host a conference call at 08:30 CEST to present the report, followed by a Q&A session.

The presentation and a video link for the webcast will be available here from the time of the publication of the Q1 Announcement.

To participate by phone and ask questions during the Q&A, please register here in advance. Upon registration, you will receive your personal dial-in details.

The webcast can be followed live here and a recording will be available afterwards.

Information on EQT AB’s financial reporting

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The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.

The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.

Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, [email protected]

Rickard Buch, Head of Corporate Communications, +46 72 989 09 11
EQT Press Office, [email protected], +46 8 506 55 334

This information was brought to you by Cision http://news.cision.com

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https://news.cision.com/eqt/r/invitation-to-presentation-of-eqt-ab-s-q1-announcement-2024,c3956826

The following files are available for download:

https://mb.cision.com/Main/87/3956826/2712771.pdf

Invitation to presentation of EQT AB’s Q1 Announcement 2024

https://news.cision.com/eqt/i/eqt-ab-group,c3285895

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EQT AB Group

 

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Kia presents roadmap to lead global electrification era through EVs, HEVs and PBVs

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  • Kia drives forward transformation into ‘Sustainable Mobility Solutions Provider’
  • Roadmap enables Kia to proactively respond to uncertainties in mobility industry landscape, including changes in EV market
  • Company to expand EV line-up with more models; enhance HEV line-up to manage fluctuation in EV demand
    • Goal to sell 1.6 million EVs annually in 2030, introducing 15 models
    • PBV to play a key role in Kia’s growth, targeting 250,000 PBV sales annually by 2030 with PV5 and PV7 models
  • Kia to invest KRW 38 trillion by 2028, including KRW 15 trillion for future business
  • 2024 business guidance : KRW 101 tln in revenue with KRW 12 tln in operating profit; operating profit margin of 11.9% on sales of 3.2 million units globally
  • CEO reaffirms Kia’s commitment to ESG management

SEOUL, South Korea, April 5, 2024 /PRNewswire/ — Kia Corporation (Kia) today shared an update on its future strategies and financial targets at its CEO Investor Day in Seoul, Korea.

Based on its innovative achievements in the years since the announcement of mid-to-long-term business initiatives, Kia is focusing on updating its 2030 strategy announced last year and further strengthening its business strategy in response to uncertainties across the global mobility industry landscape.

During the event, Kia updated its mid-to-long-term business strategy with a focus on electrification, and its PBV business. Kia reiterated its 2030 annual sales target of 4.3 million units, including 1.6 million units of electric vehicles (EVs). The 2030 4.3 million annual sales target is 34.4 percent higher than the brand’s 2024 annual goal of 3.2 million units.

The company also plans to become a leading EV brand by selling a higher percentage of electrified models among its total sales, including hybrid electric vehicles (HEV), plug-in hybrid (PHEV), and battery EVs, projecting electrified model sales of 2.48 million units annually or 58 percent of Kia’s total sales in 2030.

“Following our successful brand relaunch in 2021, Kia is enhancing its global business strategy to further the establishment of an innovative EV line-up and accelerate the company’s transition to a sustainable mobility solutions provider,” said Ho Sung Song, President and CEO of Kia. “By responding effectively to changes in the mobility market and efficiently implementing mid-to-long-term strategies, Kia is strengthening its brand commitment to the wellbeing of customers, communities, the global society, and the environment.”

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BioVaxys Technology Corp. Provides Bi-Weekly MCTO Status Update

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VANCOUVER, BC, April 4, 2024 /PRNewswire/ — BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) (the “Company“) is providing this bi-weekly update on the status of the management cease trade order granted on February 29, 2024 (the “MCTO“), by its principal regulator, the Ontario Securities Commission (the “OSC“), under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“), following the Company’s announcement on February 21, 2024 (the “Default Announcement“), that it was unable to file its audited annual financial statements for the year ended October 31, 2023, its management’s discussion and analysis of financial statements for the year ended October 31, 2023, its annual information form for the year ended October 31, 2023, and related filings (collectively, the “Required Annual Filings“). Under National Instrument 51-102, the Required Annual Filings were required to be made no later than February 28, 2024.

As a result of the delay in filing the Required Annual Filings, the Company was unable to file its interim financial statements for the three months ended January 31, 2024, its management’s discussion and analysis of financial statements for the three months ended January 31, 2024, and related filings (collectively, the “Required Interim Filings“). Under National Instrument 51-102, the Required Interim Filings were required to be made no later than April 1, 2024.

The Company anticipates filing the Required Annual Filings by April 30, 2024. The auditor of the Company requires additional time to complete its audit of the Company, including the Company’s recent acquisition of all intellectual property, immunotherapeutics platform technologies, and clinical stage assets of the former IMV Inc. that closed on February 16, 2024. In addition, the Company anticipates filing the Required Interim Filings immediately after the filing of the Required Annual Filings.

Except as herein disclosed, there are no material changes to the information contained in the Default Announcement. In addition, (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Annual Filings and/or Required Interim Filings is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Required Annual Filings and Required Interim Filings; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.

About BioVaxys Technology Corp.

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BioVaxys Technology Corp. (www.biovaxys.com), a biopharmaceuticals company registered in British Columbia, Canada, is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPX™ immune-educating technology platform and it’s HapTenix© ‘neoantigen’ tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization, and other immunological fields. The Company’s clinical stage pipeline includes maveropepimut-S which is in Phase II clinical development for advanced Relapsed-Refractory Diffuse Large B Cell Lymphoma (DLBCL) and platinum resistant ovarian cancer, and BVX-0918, a personalized immunotherapeutic vaccine using it proprietary HapTenix© ‘neoantigen’ tumor cell construct platform which is soon to enter Phase I in Spain for treating refractive late-stage ovarian cancer. The Company is also capitalizing on its tumor immunology know-how and creation of a unique library of T-lymphocytes & other datasets post-vaccination with its personalized immunotherapeutic vaccines to utilize predictive algorithms and other technologies to identify new targetable tumor antigens. BioVaxys common shares are listed on the CSE under the stock symbol “BIOV” and trade on the Frankfurt Bourse (FRA: 5LB) and in the US (OTCQB: BVAXF). For more information, visit www.biovaxys.com and connect with us on X and LinkedIn.

ON BEHALF OF THE BOARD

Signed “James Passin
James Passin, Chief Executive Officer
Phone: +1 646 452 7054

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